Self-healing materials Market 2022 technology | NIPPON SHOKUBAI CO., LTD (Japan), SUMITOMO SEIKA CHEMICALS CO.,LTD. (Japan), BASF SE (Germany)
Market Scope
The self-healing materials market is set to expand at an impressive
growth rate during the forecast period owing to its ability to self-heal any
damage in regards to external factors. It can command a huge demand from
industries of aerospace, automobiles, building & construction, chemicals,
and energy. Investments in research and development for materials not requiring
frequent maintenance and renewal has culminated in significant results.
Recently, a group containing members of Kyushu University and RIKEN developed a
new material made from ethylene which can retain its shape in acidic or
alkaline solutions.
Self-Healing
Materials Market are smart materials which can retain its shape in response
to external factors such as light, temperature, moisture, and others. Prime
examples include fiber-reinforced ceramic composites, fiber-reinforced polymer
composites, and metal alloy composites. Applications in high-temperature
resistant sectors are likely to drive its need. The global self-healing
materials market report by Market Research Future (MRFR) contains astute
insights and predictions based on historical trends and the current economic
situation. Estimations are made for the period of 2018 to 2023 (forecast
period) while keeping in mind the impact caused by the COVID-19 pandemic.
Competition Outlook
Autonomic Materials Inc., Critical Materials S.A., Sensor Coating
Systems Ltd., Covestro AG, Evonik Industries, Avecom N.V., AkzoNobel N.V., BASF
SE, Arkema SA, and E.I. Du Pont De Nemours and Company are major players of the
global self-healing materials market.
Segmentation
The global self-healing materials market is segmented by product
type, technology, and application.
By product type, it is segmented into ceramics, coatings, concrete,
and polymers. Among the segments, the concrete segment is expected to be
dominant in the market, while asphalt is anticipated to show an impressive CAGR
during the forecast period. Asphalt can find major applications owing to its
usage in great quantities by the construction sector.
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By technology, it is segmented into shape memory materials and
reversible polymers. Microencapsulation technology is expected to witness the
highest growth during the forecast period. This can be attributed to its scope
in the medical sector which can repair polymeric composites at a steady rate.
Reversible polymers are anticipated to dominate the global self-healing
materials market over the forecast period. The growth of the reversible polymer
segment is attributed to its application in medical devices and drug delivery
systems.
Major applications comprise medical, energy generation, and others.
Regional Analysis
The self-healing materials market looks at opportunities across five
major regions, namely, the Middle East & Africa (MEA), Asia Pacific (APAC),
Latin America, Europe, and North America.
Europe is expected to dominate the market till 2023. Pharmaceutical,
automotive, and electrical and semiconductor sectors can create heavy demand
for the market. Moreover, the growing expansion of companies especially, in
Italy and France is expected to leverage the development of the market.
Moreover, the stringent EU regulations regarding the control of emissions can
advocate the use of asphalt self-healing materials.
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North America is expected to follow Europe in the global
self-healing materials market. Increasing investments in research and
development is the primary factor driving the market demand. Moreover, the revival
of renovation and construction activities in the region coupled with the expansion
of industries such as an automobile, electrical and semiconductors, and
pharmaceutical can foster market growth. Initiatives by local governments to
increase investments for increasing consumption of self-healing materials can
bode well for the market in the long run.
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